Stock prices rose modestly on Sunday evening as Wall Street is gearing up for the busiest week of corporate earnings this summer.
After a volatile week in the stock market, Dow Jones futures climbed 87 points, about 0.2%, and S&P 500 futures gained 0.2%, while Nasdaq 100 futures counted 0.3%.
The S&P 500 dipped 0.8%, and Nasdaq Composite fell 2.1%. While, on the other hand, the Dow rose 0.8% and the small-cap Russell 2000 grew 3.5%. This cooling off of tech trade has highly influenced the broader market indexes.
However, in the week ahead, a few events will drive the market direction, including a Federal Reserve meeting, the July jobs report, and earnings from Big Tech stalwarts Apple, Amazon, Microsoft, and Meta.
We can also expect updates on job openings, activity in the services and manufacturing sectors, and consumer confidence.
Another key event is the Federal Reserve meeting, which will announce its latest monetary policy decision next Wednesday. Markets are expecting the central bank to hold the rates steady.
According to the CME Fed Watch tool, traders in the Fed Fund futures are expecting the probability of the central bank holding rates steady to be roughly 96%. However, traders highly expect one cut at the September meeting.
Recent reports have found that equity futures were stable at 6 p.m. in New York, with Dow futures adding about 50 points.
In the busy week of earnings ahead this week, some of the biggest earning reports are on deck that may change the market trend:
